Real Madrid have reportedly identified Aguero as their number one summer target as Carlo Ancelotti is keen on signing a world class striker in order to retain their European title and fight for domestic honours.
However last month's Champions League winners may have to turn their attention elsewhere as Manchester City are not planning on selling Aguero during the next couple of months.
Aguero - despite missing a large chunk of the season - managed to help his side to the Premier League title by scoring 17 goals in 23 league games for the Citizens.
The 26-year-old, who made his name in Europe at Real Madrid's arch-rivals Atletico Madrid, is said to be fully committed to staying at Manuel Pellegrini's side.
Reports last week suggested Real Madrid were prepared to offer Manchester City in the region of £60million in order to tempt the Argentine forward away from the Etihad Stadium, however those plans appear to have been dashed following the Premier League side's lack of desire to sell Aguero.